Updated 11/2/2017 10:08 AM PDT
1/ House Republicans unveiled the Tax Cuts and Jobs Act, which reduces the number of tax brackets from seven to five, maintains the top tax rate at 39.6%, raises the standard deduction from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples. The bill reduces the corporate tax rate from 35% to 20%, repeals the state and local income taxes, limits the property tax deduction to $10,000, and expands the child tax credit from $1,000 to $1,600. Pre-tax contributions to 401(k) and IRA would be preserved. Homeowners can keep their mortgage interest deduction, but the bill caps the deduction for new mortgages of $500,000 or more, while also repealing the estate tax in 2024. The bill is estimated to cost $1.51 trillion over a decade, but lawmakers must keep the cost of the bill to $1.5 trillion if they want to pass it along party lines and avoid a filibuster by Democrats. (NBC News / New York Times / Wall Street Journal)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2017/11/02/day-287/
